Wolters Kluwer Financial Services announced today that Swiss Reinsurance Company Ltd (Swiss Re), has selected its Summix Credit Risk solution.
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. In support of an updated target operating model for its credit risk management, Swiss Re has chosen Summix Credit Risk. The new system will provide credit exposure analysis, aggregation and reporting as well as credit limit management and monitoring across its global operations.
Summix Credit Risk was selected as it provided the best fit with the strategic objectives of the project, both immediate and long-term. These objectives included reduction in complexity, improved accuracy and timing of reporting capabilities, and the ability to utilize sophisticated scenario analysis tools.
"Risk Management systems need to keep pace with the changing demands of internal and external stakeholders," said Kanwardeep Ahluwalia, head of Financial Risk Management and recently appointed CRO Reinsurance EMEA at Swiss Re. "The expertise demonstrated by Wolters Kluwer Financial Services during the proof of concept and detailed workshop sessions gives me confidence they can meet our requirements for transparency, functionality and simplicity at a reasonable cost."
"Swiss Re is such a major participant in this market and for them to select our credit risk component of Summix is a clear signal that we are one of a select few trusted solution providers in this space," said Raffi Festekjian, CEO of Wolters Kluwer Financial Services' Finance, Risk & Compliance division. "During the process, we were able to demonstrate expert knowledge and understanding of how to adapt our solution to Swiss Re's desired strategic results and expectations."
Through selection of Wolters Kluwer Financial Services, Swiss Re will have the potential to increase the efficiency of credit risk reporting, optimize the usage of credit limits and minimize operational risk due to transparency and auditability, in order to gain a competitive advantage in the core business units Reinsurance, Corporate Solutions and Admin Re®.